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Save tax using the Sukanya Samriddhi Yojana

Providing a good education to the girl child is a must for the growth and progress of the nation. There is a famous saying "The educated differ from the uneducated as much as the living differ from the dead".

The Government realizing the benefits of educating the girl child has given a tax deduction to the Sukanya Samriddhi Yojana. The aim of the Sukanya Samriddhi Yojana is to educate the girl child and provide for her marriage. You need to learn about the Sukanya Samriddhi Yojana to save on your tax.

What is the Sukanya Samriddhi Yojana?

The Sukanya Samriddhi Yojana is a small savings scheme which can be opened only by you or your spouse (biological parents) or the legal guardians of your minor girl child of age 10 years or below.

You can also open a Sukanya Samriddhi Yojana account if your girl child turns 10 years anytime between December 2013 to December 2014.

Only a single account can be opened (either by you or your spouse) in the name of your minor girl child. You can open this account at the post office or a scheduled commercial bank/public sector bank.

You (parent) or the legal guardian can open an account in the name of your minor girl child (10 years or under) up to a maximum of 2 girl children.

You have to furnish the birth certificate of your minor girl child along with your identity and residence proof.

The account can be operated by your minor girl child (after she completes 10 years) or you (parent) or the legal guardian of the girl child.

You the parent can avail the benefits of the Sukanya Samriddhi Yojana account (one account for 1 minor girl child up to a maximum of 2 minor girl children) or even if you are blessed with 2 girls (twins) in the second birth or with three girl children in the first birth.

What is the minimum and maximum amount you can contribute towards the Sukanya Samriddhi Yojana account?

You can open this account by depositing a minimum amount of INR 1,000 a year and thereafter in multiples of hundred up to a maximum of INR 1,50,000 in a financial year.
You can make your deposit through cash, cheque or a demand draft.

What is the penalty for not making your minimum contribution per year to this account?

If you do not make the minimum contribution of INR 1000 a year to the Sukanya Samriddhi Yojana account you will have to pay a penalty of INR 50 a year.

What is the interest you earn from the Sukanya Samriddhi Yojana account?

The Sukanya Samriddhi account offers you an interest of 9.1% per year for the Financial Year 2014-15.
The Government declares an interest rate for each year of the scheme and you can know the interest rates only after they are announced.

What are the salient features of the Sukanya Samriddhi Yojana?

You can shift the Sukanya Samriddhi Yojana Account anywhere in India if you (parent) and the girl child relocate to another city or state within the country.

You can make a premature withdrawal of 50% of the amount in the Sukanya Samriddhi Yojana Account after your girl child attains 18 years of age.

You have to make the yearly deposit for a time period of 14 years after opening this account.

The account matures 21 years after it has been opened or if your girl child gets married whichever is earlier.

If you do not close this account after maturity ,the amount in the Sukanya Samriddhi Yojana Account will continue to earn interest as specified under the scheme.

What are the tax benefits of the Sukanya Samriddhi Yojana?

The amount you invest in the Sukanya Samriddhi Yojana account is available for a tax deduction up to INR 1.5 Lakhs per annum under Section 80 C of the income tax act.
The amount you or the beneficiary (your girl child) receive (inclusive of interest income) is tax free at maturity.
There is no clubbing with the income of the parent (You or your spouse whoever earns higher) since the interest income earned from the account is tax free.
The Sukanya Samriddhi Yojana is a game changer for the girl child in India. The interest earned from the scheme is also tax free which means more money on maturity.
The money from this scheme ensures a bright future for your girl child by providing a higher education and also meeting her marriage expenses.